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impact of additional drivers of inflation on demand and inflation expectations is not offset, inflation will continue to grow, and inflation at the end of

becoming a modern institution. She is the one who helped implement the inflation targeting mechanism and overcome a succession of crises. Her knowledge and ability

in turn impacts inflation expectations. Achieving the inflation target and maintaining inflation at a steadily low level help anchor inflation expectations. When inflation expectations are

in building household inflation expectations. Agents with better knowledge about economics and in the field of financial literacy tend to have lower inflation expectations. Ensuring

inflation estimate rose in September. Figure 4. Modified core inflation indicators* (% Figure 5. Aggregate weight of goods and services* in annualised terms) and trend inflation

into consideration when making decisions on monetary policy to analyse and forecast inflation, identify the key trends in economic development across Russia in general and

the current high inflation. Short-term inflation expectations of analysts and long-term expectations calculated based on financial market instruments increased as well. High inflation expectations enhance

expected to bring inflation back to the target. I would now dwell on the reasons behind our today’s decision. Firstly, inflation. Overall, we can

2025 2026 2027 (actual) Inflation, as % in December year-on-year 7.4 8.0-8.5 4.5-5.0 4.0 4.0 Inflation, average for the

the current high inflation. Short-term inflation expectations of analysts and long-term expectations calculated based on financial market instruments increased as well. High inflation expectations enhance